philandhev

Here is a good one for you. Like a lot of other Brits over here I have a sterling account in my HSBC bank over here in BC. I transferred this sterling from First Direct in the UK which was quick and cheap. A couple of weeks ago I decided I needed to exchange GBP 10k in to CAD. When I checked the rates I discovered that had I transferred this amount from FD in the UK rather than between accounts held over here in Canada I would have got a full 1.5 cents per GBP more than what HSBC oferred me over here. So for larger amounts it is cheaper for me to send my money back to the UK and then transfer it back over here into CAD rather than doing an inter-account transfer over here - its ridiculous but worth noting.

geedee

Thanks for the tip. They didn't mention that.

Surrey Expat

You can however transfer you GBP from the HSBC account to Custom House and they do the exchange and likely a better rate.

geedee

Definitely at a better rate!! 2 cents in my experience.

Rob_999

I've just used Custom House to transfer GBP40k. They took 1 cent off the spot rate - don't think it was a great deal, but not bad either.
Wasn't impressed with our trader though, he was a bit clueless and talked me into aiming a little too high. Ended up splitting the trade in 2 and aimed for 2.00 and 2.03 (ie spot of 2.01 & 2.04). Never quite got high enough to fill the second order, so ended up changing 2nd order at 2.0 as well (after watching rate dive to 1.96 ).

Anyway, all done now - big relief to have enough Ca$ to complete on house this week... and no more looking at the fx rate

destinationnovascotia

I bet you still check it just as often.....just to see if you got a good deal

Surrey Expat

They work fine for us, we use them frequently. FX houses are not investment advisor's, what bid you put in is your choice. Never had them make recommendations, they indicate just tell you past performance and may let you know if there is anything coming up that may affect the rate.

zmartin

I know I have been - and am quite pleased so far!

With regards to the currency markets how does one get oneself unaddicted to checking the rate???

Zoe M. x

destinationnovascotia

Come on...be serious.That would be like getting yourself un-addicted to BE

Rob_999

arrghh - yes, guilty as charged! I still get daily emails from HiFX and I'm subscribed to this thread.....

geedee

OK campers.... any thoughts as to which way it's going to go? It's hovered around 2.0 for ages, with bad news coming from both countries! Are we locked here for a while or does anyone foresee a swing one way or the other?

I will have to change a large amount (for me, anyway) soon for a deposit on a house.... I have a 2 week window. Any help appreciated!

Ontheboatout

I suspect the US has manipulated the markets for one of two reasons. Either so that the new President is in a mess he/she can't escape from, of so that once the new President is in post there will be seen to be a dramatic upturn in their, and worldwide economies, and everything in the garden will be rosy again.

snowboardboy

He was asking where the currency is going to go in the next two weeks....

G586

Err, you mean the current president is in a mess?

I'm sure the republicans won't be fixing things for the democrats!

Ontheboatout

Down or up.